Horizon Actuarial Services, LLC
  • Home
  • About Us
    • Horizon Updates
    • Selected Bios
  • Our Services
  • Resources
    • News
    • Publications
    • External Links
  • Careers
  • Contact Us

​

IRS Releases Preliminary Guidance on Funding Relief

8/2/2010

 
On July 30, 2010, the IRS released Notice 2010-56, which provides some preliminary guidance on the special funding relief rules for multiemployer pension plans under the Pension Relief Act of 2010.

A significant piece of guidance from this Notice pertains to the timing of the application of the special rules for the first plan year beginning after August 31, 2008 and the filing of the Form 5500 (including Schedule MB) for that year.   For a calendar year plan year, the special funding relief rules could be applied retroactive to the 2009 plan year.  However, the Form 5500 filing deadlines (October 15, 2010 for calendar plan years, with extension) may come before the IRS is able to issue more detailed guidance on how the special rules should be applied.  According to this Notice, a plan sponsor will not be precluded from electing to apply the special rules for the applicable plan year if the Form 5500 has already been filed for that year.  The IRS will issue future guidance on the reporting requirements for plans that elect to apply funding relief to a plan year after the Form 5500 has been filed for that year.

The Notice also states that the IRS expects to issue future guidance on the Pension Relief Act of 2010, which may include guidance on the following:
​
  1. The determination of the portion of the experience gain or loss attributable to the “net investment losses” incurred during either or both of the first two plan years ending after August 31, 2008.
  2. The requirement to notify participants and beneficiaries of the application of the special funding relief rules.
  3. The effect of the application of the special rules on a plan’s certification status, including certifications that may have already been made
.
* * * UPDATE * * *

On November 26, 2010, the IRS released guidance on the Pension Relief Act of 2010 in the form of Notice 2010-83.  Now available for download is a HORIZON BULLETIN summarizing the provisions of the Pension Relief Act of 2010 affecting multiemployer plans, reflecting the guidance provided by Notice 2010-83.

Comments are closed.

    Categories

    All
    External Links
    Health & Welfare Issues
    Horizon Updates
    News
    Pension Issues
    Publications

    Archives

    October 2022
    August 2022
    August 2021
    March 2021
    January 2021
    July 2020
    June 2020
    May 2020
    December 2019
    November 2019
    October 2019
    August 2019
    June 2019
    October 2018
    August 2018
    June 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    October 2017
    September 2017
    August 2017
    July 2017
    May 2017
    February 2017
    December 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    March 2016
    February 2016
    January 2016
    October 2015
    July 2015
    June 2015
    December 2014
    October 2014
    August 2014
    February 2014
    December 2013
    October 2013
    August 2013
    May 2013
    March 2013
    February 2013
    November 2012
    August 2012
    March 2012
    January 2012
    November 2011
    October 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    March 2010
    December 2009
    November 2009
    October 2009
    September 2009
    August 2009
    April 2009
    February 2008
    October 2007

    RSS Feed

Home | About Us | Our Services | Resources | Careers | Contact Us
Terms of Use | Website Privacy Policy | California Privacy Rights
​Copyright 2007-2021. Horizon Actuarial Services, LLC. All rights reserved.
​In Memory of Brian Dailey
  • Home
  • About Us
    • Horizon Updates
    • Selected Bios
  • Our Services
  • Resources
    • News
    • Publications
    • External Links
  • Careers
  • Contact Us